Look for Pullbacks in Pumped-Up Oil Refiners

But dips in overbought stocks such as HollyFrontier and Tesoro would present buying opportunities to adept investors.

While shares of oil refiners have been outpacing the broad market since 2010, many of them have been really pumped up since last May. While the stocks now are technically overbought for the near term, long-term chart trends remain positive. That suggests an opportunity is coming to buy a price dip.

For example, HollyFrontier (ticker: HFC) moved higher in a relatively tame rising trend after breaking out last June (see Chart 1). Chart watchers will point out that prices advanced within the confines of a rising trend...